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Technology Stocks : Advanced Digital Information Corp. (ADIC) -- Ignore unavailable to you. Want to Upgrade?

To: Jim Oravetz who wrote (2205)	8/16/2001 8:42:59 AM
From: Jim Oravetz	Read Replies (1) \| Respond to of 2283

ADIC to Double Manufacturing, R&D center in Denver Continued Growth Requires Expansion REDMOND, Wash., Aug 7, 2001 -- ADVANCED DIGITAL INFORMATION CORPORATION announced today that it has signed a lease on a new 148,000 square-foot building that will nearly double the size of its Denver, Colorado facilities in a move designed to help the Company keep pace with the increasing demand for its storage products. The new facilities will provide added space for manufacturing, research and development, test and systems engineering labs, customer service and support, and training activities. Occupancy of the new building is expected to take place by the end of December, 2001. Announcement of this move comes less than one year after ADIC occupied new space that nearly doubled its facilities in Redmond, Washington, where the Company is headquartered. "We are expanding facilities because we need more room to keep growing," explained Jon Gacek, ADIC CFO. "Through the second quarter of fiscal 2001, we had sustained 50% compounded annual growth over the previous 22 quarters. This included dramatic increases in both our branded and our OEM business and the addition of new mid-range and large library systems. Although the slowdown in IT spending has reduced our growth rate for our third fiscal quarter, without the effects of our recent acquisition of Pathlight Technology, revenue is still expected to grow 20-30 percent over the same period last year, and we expect it to continue at double-digit levels. We are investing now so that we can continue to be the preferred data management choice for our customers and to be prepared for accelerated growth as IT spending picks up." "We are gaining share in the rapidly growing open systems storage market because we are expanding our product lines, adding higher value-add software content to create intelligent storage systems, and continuing to work closely with key channel partners and fast-growing OEMs," said Chuck Stonecipher, ADIC President. "Our Denver facility plays a key role in our growth strategy. It is the center for our enterprise-class Scalar libraries, including our new Scalar 10K SAN-enabled library platform, as well as the site for a major portion of our software development. We are adding facilities there to make sure we can keep taking advantage of the new opportunities created by the relentless increase in enterprise data." The expansion does not affect other ADIC facilities. The Company will continue to operate manufacturing, sales or research facilities in the states of Washington and New York as well as in multiple European locations.